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The German bunds slumped Thursday after the country’s composite PMI topped market expectations, thus weighing on safe-haven assets. Also, investors are eyeing the eurozone’s December consumer price-led inflation index (CPI), scheduled to be released on January 5 by 10:00GMT.
The German 10-year bond yields, which move inversely to its price, rose 1-1/2 basis points to 0.45 percent, the yield on 30-year note jumped nearly 2 basis points to 1.29 percent and the yield on short-term 2-year traded flat at -0.61 percent by 09:15GMT.
The seasonally adjusted final IHS Markit Germany Services PMI Business Activity Index climbed to 55.8 in December from 54.3 in November, recording its highest reading since the final month of 2015. This latest increase in business activity extended a sequence of growth seen since mid2013, with the average pace of expansion for the year as a whole the best since 2011.
The growth of manufacturing production meanwhile accelerated for the second month running to reach the fastest seen for almost seven years, thereby lifting the final IHS Markit Germany Composite Output Index to an 80-month high of 58.9, from 57.3 in November.
Further, the final IHS Markit Eurozone PMI Composite Output Index posted 58.1 in December, up from 57.5 in November, to register its highest reading since February 2011. The headline index has signaled growth for 54 successive months, with the average level during quarter four the best since the opening quarter of 2011.
Meanwhile, the German DAX jumped nearly 1.00 percent to 13,100.00 by 08:15 GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -0.96 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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